Michigan Housing Market should I buy? should I sell?

This past year of 2022 has been crazy for the housing market, the year of the sellers. Price range averages for homes reached a high of $239,000 while the year before that in 2021 the high average was only $224,000 and that's in December of that year! it was a good time to be a seller! now what does the Michigan market have in store for 2023?

The market is finally beginning to even out again, and hopefully prices will start dropping for our future generation of buyers. The average of listings are starting to decrease lowering the supply for homes, which than makes the demand to go up, which isn't beneficial in the buyers case because the more homes on the market the more competition the sellers are going to have with their prices!

the price per sq. foot Is still slowly on the rise at the start of 2023 but I'm predicting that to go down the longer we get into this year!

Buyers if you were waiting for a time to buy, your time is coming as we move out of the sellers market good market switches are going to start happening for the buyers side!

I would recommend meeting with an agent who is skilled in their area because each county in Michigan is slightly different and going to be a little bit different of a market.

At the end of the day selling is still a good option right now you cant go wrong with the prices of homes right now, dont wait until a crash and miss out on this opportunity, as a prospective buyer myself im choosing to wait on this market just a little longer in hope of a slight price crash or rate drop.

Last quick thing is our rates were dealing with right now! 5 months ago Michigan rates were at a crazy high reaching into the %9 for some people, making everyone very lieneant to buying a home, very understandable. Lucky for us they've been heading down the past couple of months, the rates are on their way to being good enough to wanna buy your dream home!